ICBC set for US$30bn injection

Beijing was close to approving an injection of more than US$30bn into the Industrial and Commercial Bank of China (ICBC), helping to pave the way for an overseas listing, the Financial Times reported. State-owned ICBC is China's largest lender. The bank is thought to be looking at raising around US$10bn from its initial public offering. The FT, citing unnamed sources, said the plan was expected to receive final approval from Chinese regulators before the end of January. However, it added that authorities charged with the move, including the country's banking regulator and the State Council, could still delay their decision.